Ceridian HCM Holding Inc. (CDAY) Tops Q3 EPS by 3c, Revenues Beat; Offers FY18 Revenue Outlook Above Consensus

Ceridian HCM Holding Inc. (NYSE: CDAY) reported Q3 EPS of $0.05, $0.03 better than the analyst estimate of $0.02. Revenue for the quarter came in at $179.6 million versus the consensus estimate of $176.33 million.

• Cloud revenue of $133.0 million, up 29.1% year-over-year
• Total revenue of $179.6 million, up 9.8% year-over-year
• Excluding the effect of foreign currency fluctuations, Cloud revenue increased 31.2% and total revenue increased 11.4% year-over-year
• Operating profit of $15.3 million, up 200.0% year-over-year
• Adjusted EBITDA of $36.4 million, up 28.2% year-over-year
• Income from continuing operations was $7.4 million, compared to a loss from continuing operations of $(17.7) million for the third quarter of 2017.
• Basic and diluted net income per share from continuing operations attributable to Ceridian was $0.05 for the third quarter of 2018 based on 137.8 million basic and 145.1 million diluted weighted average common shares outstanding, respectively.
• Basic and diluted net loss per share from continuing operations attributable to Ceridian was $(0.35) for the third quarter of 2017, based on 65.3 million basic and diluted weighted average common shares outstanding.

“We are pleased to continue the momentum in our business with strong third quarter results,” said David Ossip, Chairman and Chief Executive Officer of Ceridian. “Revenue from Dayforce, our flagship cloud HCM platform, grew 36% to $111.7 million, and we now have 3,465 customers live on the Dayforce platform. During the third quarter, we continued to see strong market demand for our products.”

Arthur Gitajn, Executive Vice President and Chief Financial Officer of Ceridian, added, “We achieved solid revenue growth in the quarter despite facing a weaker Canadian dollar compared to our third quarter last year. On a constant currency basis, Ceridian’s total revenue grew 11.4%, Cloud revenue grew 31.2%, Dayforce revenue grew 36.8%, and Powerpay revenue grew 8.0%.”

GUIDANCE:

Ceridian HCM Holding Inc. sees FY2018 revenue of $741-743 million, versus the consensus of $737.96 million.

For earnings history and earnings-related data on Ceridian HCM Holding Inc. (CDAY) click here.

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